An article in a national publication claims that the mean outstanding credit card balance for college seniors was $515. a sample of 16 college seniors at a large university found a sample mean credit card balance $706 with a sample standard deviation of $325. if we assume that the distribution of outstanding credit card debt is approximately normal, conduct a hypothesis test to determine whether the mean debt of seniors at this university differs from $515. Use α= 0.05 significance level. Required:
What is the p-value?